\begin{table}[htbp]\centering
\def\sym#1{\ifmmode^{#1}\else\(^{#1}\)\fi}
\caption{Balance on Demographic and Loan Variables \label{tab:balance}}
\begin{tabular}{l*{6}{c}}
\toprule
          &\multicolumn{1}{c}{(1)}&\multicolumn{1}{c}{(2)}&\multicolumn{1}{c}{(3)}&\multicolumn{1}{c}{(4)}&\multicolumn{1}{c}{(5)}&\multicolumn{1}{c}{(6)}\\
          &\multicolumn{1}{c}{Control Mean}&\multicolumn{1}{c}{SD}&\multicolumn{1}{c}{Placebo}&\multicolumn{1}{c}{Treatment}&\multicolumn{1}{c}{p-value}&\multicolumn{1}{c}{N}\\
\midrule
\emph{Panel A: Individual Characteristics}&                  &                  &                  &                  &                  &                  \\
\addlinespace
\hspace{0.5cm} Female&     0.55         &     0.50         &     0.00         &    -0.00         &     0.86         & 15000.00         \\
          &                  &                  &   (0.01)         &   (0.01)         &                  &                  \\
\addlinespace
\hspace{0.5cm} Age&    39.93         &    10.98         &     0.22         &     0.22         &     0.53         & 15000.00         \\
          &                  &                  &   (0.22)         &   (0.22)         &                  &                  \\
\addlinespace
\hspace{0.5cm} Savings Account Balance&   295.96         &   950.00         &   -16.82         &   -25.02         &     0.40         & 15000.00         \\
          &                  &                  &  (18.96)         &  (18.96)         &                  &                  \\
\addlinespace
\hspace{0.5cm} Branch in Accra$^\dagger$&     0.34         &     0.47         &    -0.02\sym{*}  &    -0.01         &     0.17         & 15000.00         \\
          &                  &                  &   (0.01)         &   (0.01)         &                  &                  \\
\addlinespace
\hspace{0.5cm} Branch in Ashanti Region$^\dagger$&     0.29         &     0.45         &    -0.00         &    -0.00         &     1.00         & 15000.00         \\
          &                  &                  &   (0.01)         &   (0.01)         &                  &                  \\
\addlinespace
\hspace{0.5cm} Branch in Brong Region$^\dagger$&     0.15         &     0.36         &     0.01         &     0.01         &     0.37         & 15000.00         \\
          &                  &                  &   (0.01)         &   (0.01)         &                  &                  \\
\addlinespace
\hspace{0.5cm} Branch in Central Region$^\dagger$&     0.08         &     0.28         &     0.00         &    -0.00         &     0.78         & 15000.00         \\
          &                  &                  &   (0.01)         &   (0.01)         &                  &                  \\
\addlinespace
\hspace{0.5cm} Branch in Eastern Region$^\dagger$&     0.03         &     0.17         &     0.00         &    -0.00         &     0.49         & 15000.00         \\
          &                  &                  &   (0.00)         &   (0.00)         &                  &                  \\
\addlinespace
\hspace{0.5cm} Branch in Western Region$^\dagger$&     0.10         &     0.30         &     0.00         &     0.01         &     0.38         & 15000.00         \\
          &                  &                  &   (0.01)         &   (0.01)         &                  &                  \\
\addlinespace
\emph{Panel B: Loan Variables}&                  &                  &                  &                  &                  &                  \\
\addlinespace
\hspace{0.5cm} Has a Loan$^\dagger$&     0.29         &     0.45         &     0.00         &     0.00         &     1.00         & 15000.00         \\
          &                  &                  &   (0.01)         &   (0.01)         &                  &                  \\
\addlinespace
\hspace{0.5cm} Amount Disbursed&  1816.50         &  1161.08         &    -4.17         &    46.89         &     0.44         &  4385.00         \\
          &                  &                  &  (44.44)         &  (44.44)         &                  &                  \\
\addlinespace
\hspace{0.5cm} Outstanding Principal Balance&  1350.91         &  1026.22         &   -14.28         &    27.20         &     0.56         &  4385.00         \\
          &                  &                  &  (38.91)         &  (38.91)         &                  &                  \\
\addlinespace
\hspace{0.5cm} Saving Account Balance&    37.72         &    96.62         &    -0.38         &     2.17         &     0.87         &  4385.00         \\
          &                  &                  &   (5.13)         &   (5.13)         &                  &                  \\
\addlinespace
\hspace{0.5cm} Loan Cycle&     1.78         &     2.34         &    -0.03         &     0.10         &     0.47         &  2969.00         \\
          &                  &                  &   (0.11)         &   (0.11)         &                  &                  \\
\addlinespace
\hspace{0.5cm} Late Loan&     0.24         &     0.43         &     0.02         &     0.01         &     0.53         &  4385.00         \\
          &                  &                  &   (0.02)         &   (0.02)         &                  &                  \\
\addlinespace
\hspace{0.5cm} Principal in Arrears&   101.81         &   271.47         &     6.75         &     2.30         &     0.80         &  4385.00         \\
          &                  &                  &  (10.25)         &  (10.25)         &                  &                  \\
\addlinespace
\hspace{0.5cm} Interest in Arrears&    17.73         &    56.72         &     0.74         &     0.52         &     0.94         &  4385.00         \\
          &                  &                  &   (2.14)         &   (2.14)         &                  &                  \\
\addlinespace
\hspace{0.5cm} Days in Arrears&    19.84         &    55.34         &     1.06         &     0.34         &     0.87         &  4385.00         \\
          &                  &                  &   (2.05)         &   (2.05)         &                  &                  \\
\bottomrule
\multicolumn{7}{l}{\footnotesize Standard errors in parentheses}\\
\multicolumn{7}{l}{\footnotesize \sym{*} \(p<0.1\), \sym{**} \(p<0.05\), \sym{***} \(p<0.01\)}\\
\end{tabular}
\end{table}
